Titan Machinery (TITN) Shares Up 3.8% Following Better-Than-Expected Earnings

Titan Machinery Inc. (NASDAQ:TITN) shot up 3.8% on Friday following a stronger than expected earnings report. The company traded as high as $18.13 and last traded at $18.48. 28,688 shares were traded during mid-day trading, a decline of 73% from the average session volume of 104,507 shares. The stock had previously closed at $17.81.

The company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.13. The firm had revenue of $363.65 million during the quarter, compared to the consensus estimate of $360.30 million. Titan Machinery had a return on equity of 4.16% and a net margin of 1.28%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 EPS.

A number of brokerages recently commented on TITN. BidaskClub upgraded Titan Machinery from a “sell” rating to a “hold” rating in a research note on Saturday, September 1st. ValuEngine upgraded Titan Machinery from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Zacks Investment Research upgraded Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective for the company in a research note on Tuesday, September 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Titan Machinery presently has an average rating of “Buy” and a consensus target price of $24.00.

In other news, Chairman David Joseph Meyer sold 53,000 shares of the stock in a transaction on Friday, November 30th. The stock was sold at an average price of $18.56, for a total value of $983,680.00. Following the completion of the transaction, the chairman now owns 662,864 shares of the company’s stock, valued at $12,302,755.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 15.46% of the company’s stock.

Several large investors have recently added to or reduced their stakes in TITN. Massachusetts Financial Services Co. MA grew its stake in shares of Titan Machinery by 47.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 83,187 shares of the company’s stock worth $1,294,000 after purchasing an additional 26,864 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its stake in shares of Titan Machinery by 342.9% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 52,981 shares of the company’s stock worth $824,000 after purchasing an additional 41,020 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Titan Machinery by 560.0% in the second quarter. Wedge Capital Management L L P NC now owns 87,975 shares of the company’s stock worth $1,368,000 after purchasing an additional 74,645 shares in the last quarter. Smith Asset Management Group LP grew its stake in shares of Titan Machinery by 190.3% in the second quarter. Smith Asset Management Group LP now owns 9,793 shares of the company’s stock worth $152,000 after purchasing an additional 6,420 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. grew its stake in shares of Titan Machinery by 71.5% in the second quarter. Global Alpha Capital Management Ltd. now owns 412,379 shares of the company’s stock worth $6,412,000 after purchasing an additional 171,934 shares in the last quarter. 77.76% of the stock is owned by institutional investors.

The company has a market capitalization of $395.70 million, a PE ratio of -146.08 and a beta of 1.60. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.43 and a quick ratio of 0.29.

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Titan Machinery Company Profile (NASDAQ:TITN)

Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores. It operates through three segments: Agriculture, Construction, and International. The company sells new and used equipment, including agricultural and construction equipment manufactured under the CNH family of brands, as well as equipment from various other manufacturers.

Further Reading: Analyzing a company’s cash flow statement

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